A weekly time ticket for Joyce Caldwell follows: Labor Time Ticket Ticket Number: TT 338 Employee: Joyce Caldwell Date Monday, 8/12 Tuesday, 8/13 Wednesday, 8/14 Thursday, 8/15 Friday, 8/16 Time Started 7:00 AM 7:00 AM 7:00 AM 7:00 AM 12:00 PM 7:00 AM Dates: Monday 8/13 - Friday 8/17 Time Ended 3:00 PM 3:00 PM 3:00 PM 11:00 AM 4:00 PM 3:00 PM Weekly Totals Hourly Labor Rate Total Wages Earned Total Hours 8 hours 8 hours 8 hours 4 hours 4 hours 8 hours 40 hours × $27 $ 1,080 Job Number Job 271 Job 271 Job 272 Job 272 Maintenance Job 273

A weekly time ticket for Joyce Caldwell follows: Labor Time Ticket Ticket Number: TT 338 Employee: Joyce Caldwell Date Monday, 8/12 Tuesday, 8/13 Wednesday, 8/14 Thursday, 8/15 Friday, 8/16 Time Started 7:00 AM 7:00 AM 7:00 AM 7:00 AM 12:00 PM 7:00 AM Dates: Monday 8/13 - Friday 8/17 Time Ended 3:00 PM 3:00 PM 3:00 PM 11:00 AM 4:00 PM 3:00 PM Weekly Totals Hourly Labor Rate Total Wages Earned Total Hours 8 hours 8 hours 8 hours 4 hours 4 hours 8 hours 40 hours × $27 $ 1,080 Job Number Job 271 Job 271 Job 272 Job 272 Maintenance Job 273

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Time tickets indicated 3,000 labor hours in the production of Job .115, out of which 2,800 were direct labor hours. The company pays $10 per each labor hour. The entry to record this transaction is: *
Salaries and wages payable to factory employees were $10 000 on 1 March and $4000 on 31 March. Gross salaries and wages paid during March totalled $40,000. March's direct labour totalled $18 000.Required:T-account for Accrued Payroll and general journal entries for recording salaries and wages earned by, and paid to, factory employees during March.
McBride and Associates employs two professional appraisers, each having a different specialty. Debbie specializes in commercial appraisals and Tara specializes in residential appraisals. The company expects to incur total overhead costs of $299,610 during the year and applies overhead based on annual salary costs. The salaries and billable hours of the two appraisers are estimated to be as follows: Annual Salary Billable Hours Debbie $ 126,480 1,700 Tara $ 73,260 1,650 The accountant for McBride and Associates is computing the hourly rate that should be used to charge clients for Debbie's and Tara's services. The hourly billing rate should be set to cover the total cost of services (salary plus overhead) plus a 25 percent markup. Required: 1. Compute the predetermined overhead rate.. 2. Compute the hourly billing rates for Debbie and Tara.
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es E2-3 (Algo) Analyzing Labor Time Tickets and Recording Labor Costs [LO 2-2, 2-4] A weekly time ticket for Joyce Caldwell follows: Labor Time Ticket Ticket Number: TT 338 Employee: Joyce Caldwell Date Monday, 8/12 Tuesday, 8/13 Wednesday, 8/14 Thursday, 8/15 Friday, 8/16 Time Started Job 271 Job 272 Job 273 7:00 AM 7:00 AM 7:00 AM 7:00 AM 12:00 PM 7:00 AM Dates: Monday 8/13 - Friday 8/17 Time Ended 3:00 PM 3:00 PM 3:00 PM 11:00 AM 4:00 PM 3:00 PM Weekly Totals Hourly Labor Rate Total Wages Earned Total Hours 8 hours 8 hours 8 hours 4 hours 4 hours 8 hours 40 hours × $21 $ 840 Job Number Job 271 Job 271 Job 272 Job 272 Maintenance Job 273 Required: 1. Determine how much of the $840 that Joyce earned during this week would be charged to Job 271, Job 272, and
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Brian Packer worked the following schedule: Monday, 9 hours; Tuesday, 7 hours 34 minutes; Wednesday, 8 hours 23 minutes; Thursday, 8 hours 16 minutes; Friday, 8 hours. The employer pays overtime for all time worked in excess of 40 hours per week. Required: Determine Brian's total time worked according to the (a) quarter-hour method and (b) the hundredth-hour method. Which is the more favorable method for Brian, quarter-hour or hundredth-hour? (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Brian Packer Quarter-Hour Time hours Hundredth-Hour Time More Favorable Method hours
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Jon Stone is paid $20 an hour for an 8-hour day, with time-and-a-half for overtime and double-time for Sundays and holidays. Regular employment is on the basis of 40 hours a week, 5 days a week. Overtime premium is charged to Factory Overhead. Required: Using the labor-time record below: a. Compute Jerrod's total earnings for the week. b. Present the journal entry to distribute Jerrod's total earnings. Sunday Monday Tuesday Wednesday Thursday Friday Saturday ТОTAL Job F2 3 5 4 31 Job M1 1 3 6 14 Admin 1 3 6 TOTAL 8. 8. 8 10 51
The standard direct labor rates in effect for the current fiscal year and the standard hours allowed for the actual output of work for July are shown in the following schedule. Worker classification Standard Direct Labor Rate per Hour $60 Standard Direct Labor-Hours Allowed for Output 1,380 1,840 2,300 II 55 III 45 The wage rates for each labor class increased under the terms of a new contract. The standard wage rates were not revised to reflect the new contract. The actual direct labor-hours worked and the actual direct labor rates per hour experienced for the month of July were as follows. Actual Direct Labor Rate Worker Classification Actual Direct per Hour $64 Labor-Hours 1,470 II 58 1,950 2,380 III 46 Required: Calculate the dollar amount of the total direct labor variance for July for Matthews & Bros. and break down the total variance into the following components: a. Direct labor price and efficiency variances. b. Direct labor mix and yield variances.